Derivative Financial Instruments (Tables)
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9 Months Ended |
Oct. 10, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Net Fair Value of Commodity Risk |
As of October 10, 2026, the company’s hedge portfolio contained commodity derivatives, which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Other current |
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$ |
388 |
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$ |
— |
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$ |
— |
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$ |
388 |
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Other long-term |
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|
83 |
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— |
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— |
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|
83 |
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Total |
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471 |
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— |
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— |
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471 |
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Liabilities: |
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Other current |
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(1,777 |
) |
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(225 |
) |
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— |
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(2,002 |
) |
Other long-term |
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(3 |
) |
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(6 |
) |
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— |
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(9 |
) |
Total |
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|
(1,780 |
) |
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|
(231 |
) |
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— |
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|
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(2,011 |
) |
Net Fair Value |
|
$ |
(1,309 |
) |
|
$ |
(231 |
) |
|
$ |
— |
|
|
$ |
(1,540 |
) |
As of January 3 2026, the company’s hedge portfolio contained commodity derivatives, which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Other current |
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$ |
46 |
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|
$ |
— |
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$ |
— |
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$ |
46 |
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Other long-term |
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— |
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— |
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— |
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— |
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Total |
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46 |
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— |
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— |
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46 |
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Liabilities: |
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Other current |
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(546 |
) |
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— |
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— |
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(546 |
) |
Other long-term |
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— |
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— |
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— |
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— |
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Total |
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(546 |
) |
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— |
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— |
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(546 |
) |
Net Fair Value |
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$ |
(500 |
) |
|
$ |
— |
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|
$ |
— |
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|
$ |
(500 |
) |
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| Derivative Instruments Located on Condensed Consolidated Balance Sheet |
The company has the following derivative instruments located on the Condensed Consolidated Balance Sheets, which are utilized for the risk management purposes detailed above (amounts in thousands):
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Derivative Assets |
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Derivative Liabilities |
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October 10, 2026 |
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January 3, 2026 |
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October 10, 2026 |
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January 3, 2026 |
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Derivatives Designated as
Hedging Instruments |
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Balance
Sheet
Location |
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Fair Value |
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Balance
Sheet
Location |
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Fair Value |
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Balance
Sheet
Location |
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Fair Value |
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Balance
Sheet
Location |
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Fair Value |
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Commodity contracts |
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Other
current
assets |
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$ |
388 |
|
|
Other
current
assets |
|
$ |
46 |
|
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Other
accrued
liabilities |
|
$ |
2,002 |
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Other
accrued
liabilities |
|
$ |
546 |
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Commodity contracts |
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Other
assets |
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|
83 |
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Other
assets |
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|
— |
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Other
long-term
liabilities |
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|
9 |
|
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Other
long-term
liabilities |
|
|
— |
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Total |
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$ |
471 |
|
|
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|
$ |
46 |
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|
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|
$ |
2,011 |
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$ |
546 |
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| Effect of Derivative Instruments for Deferred Gains And (Losses) on Closed Contracts and Effective Portion in Fair Value on AOCI, Utilized for Risk Management Purposes (Detail) |
The company had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in AOCI (no amounts were excluded from the effectiveness test), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax):
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Amount of (Loss) or Gain |
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Amount of Gain or (Loss) |
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Recognized in AOCI on Derivatives |
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Reclassified from AOCI |
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(Effective Portion) |
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Location of Gain or (Loss) |
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into Income (Effective Portion) |
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Derivatives in Cash Flow |
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For the Twelve Weeks Ended |
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Reclassified from AOCI |
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For the Twelve Weeks Ended |
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Hedge Relationships(1) |
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October 10, 2026 |
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|
October 4, 2025 |
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into Income (Effective Portion)(2) |
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October 10, 2026 |
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October 4, 2025 |
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Interest rate contracts |
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$ |
— |
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|
$ |
— |
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Interest expense |
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$ |
158 |
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$ |
158 |
|
Commodity contracts |
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(3,426 |
) |
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|
(1,065 |
) |
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Production costs(3) |
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(58 |
) |
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|
(164 |
) |
Total |
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$ |
(3,426 |
) |
|
$ |
(1,065 |
) |
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$ |
100 |
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|
$ |
(6 |
) |
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Amount of (Loss) or Gain |
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Amount of Gain or (Loss) |
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Recognized in AOCI on Derivatives |
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Reclassified from AOCI |
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(Effective Portion) |
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Location of Gain or (Loss) |
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into Income (Effective Portion) |
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Derivatives in Cash Flow |
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For the Forty Weeks Ended |
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Reclassified from AOCI |
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For the Forty Weeks Ended |
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Hedge Relationships(1) |
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October 10, 2026 |
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October 4, 2025 |
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into Income (Effective Portion)(2) |
|
October 10, 2026 |
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October 4, 2025 |
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Interest rate contracts |
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$ |
— |
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|
$ |
3,160 |
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Interest expense |
|
$ |
527 |
|
|
$ |
486 |
|
Commodity contracts |
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|
(1,075 |
) |
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(5,994 |
) |
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Production costs(3) |
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(826 |
) |
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|
198 |
|
Total |
|
$ |
(1,075 |
) |
|
$ |
(2,834 |
) |
|
|
|
$ |
(299 |
) |
|
$ |
684 |
|
1.Amounts in parentheses, if any, indicate debits to determine net income. 2.Amounts in parentheses, if any, indicate credits to determine net income. 3.Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
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| Accumulated Other Comprehensive Loss (Income) Related to Derivative Transactions |
At October 10, 2026, the balance in AOCI related to commodity price risk and interest rate risk derivative transactions that closed or will expire over the following years are as follows (amounts in thousands and net of tax) (amounts in parentheses indicate a debit balance):
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Commodity
Price Risk
Derivatives |
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Interest
Rate Risk
Derivatives |
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Totals |
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Closed contracts |
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$ |
316 |
|
|
$ |
3,930 |
|
|
$ |
4,246 |
|
Expiring in 2026 |
|
|
(83 |
) |
|
|
— |
|
|
|
(83 |
) |
Expiring in 2027 |
|
|
(1,071 |
) |
|
|
— |
|
|
|
(1,071 |
) |
Total |
|
$ |
(838 |
) |
|
$ |
3,930 |
|
|
$ |
3,092 |
|
|
| Financial Contracts Hedging Commodity Risk |
As of October 10, 2026, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):
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Notional
Amount |
|
Wheat contracts |
|
$ |
17,810 |
|
Soybean oil contracts |
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|
16,448 |
|
Natural gas contracts |
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|
5,104 |
|
Corn contracts |
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|
2,122 |
|
Total |
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$ |
41,484 |
|
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